PCB says Pakistan Super League qualifier on schedule today despite unrest in Lahore

Lahore Qalandars' celebrate the dismissal of Multan Sultans' Rilee Rossouw, left, during a Pakistan Super League (PSL) Twenty20 cricket match at the Gaddafi Cricket Stadium in Lahore on March 4, 2023. (AFP/File)
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Updated 15 March 2023
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PCB says Pakistan Super League qualifier on schedule today despite unrest in Lahore

  • The top two PSL teams, Lahore Qalandars and Multan Sultans, will battle it out to enter the PSL final match
  • Qalandars may have a psychological advantage after defeating Sultans twice before in the T20 championship

KARACHI: The first Pakistan Super League (PSL) qualifier is scheduled to be held at Lahore’s Gaddafi Stadium on Wednesday evening, said the country’s cricket regulatory body, as clashes between the police and former prime minister Imran Khan’s supporters continued in the city which previously forced the players to cancel their practice sessions.
The conflict between the two sides broke out in Lahore on Tuesday after the police and Rangers went to arrest Khan from his residence following a local court’s decision to issue his non-bailable arrest warrant in a case involving the sale of state gifts during his tenure in power.
Today’s match will take place between the top two tournament teams – Lahore Qalandars and Multan Sultans – and is expected to grab the attention of millions of viewers across the world.
“The #HBLPSL8 Qualifier in Lahore today will be played at the Gaddafi Stadium as scheduled,” the Pakistan Cricket Board (PCB) said in a Tweet.

A PCB spokesperson also confirmed to Arab News the playoff match would be held today.
On Tuesday, the top cricket board official, Najam Sethi, appealed to the caretaker Punjab chief minister to provide adequate security to all the teams during the playoffs.
“This is Pakistan’s finest showcase,” he wrote in a Twitter post while mentioning the massive tournament viewership. “Punjab govt must ensure failsafe security & smooth traffic flow to facilitate peoples access to stadium.”

The winner of today’s contest will go straight into the final, while the loser will get another chance and play against the team that prevails in the first eliminator between Peshawar Zalmi and Islamabad United.
Qalandars boast of a balanced side and have won both their matches against the Sultans during the championship. This is likely to provide psychological advantage to Shaheen Shah Afridi and his other team members.
Skipper Mohammad Rizwan has also been leading the Sultans from the front. So far, he has been the most impactful batter who has scored 483 runs in the tournament.
Other Multan players to watch in today’s match include Rilee Rossouw, a PSL8 centurion, Abbas Afridi, who has so far grabbed 22 wickets, and the new bowling sensation, Ihsanullah.


Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

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Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

  • Pak-Qatar General Takaful Limited offered 30 million shares to investors with ceiling price of Rs14 per share
  • Company says IPO proceeds will be used for investments in software, infrastructure, setting up new branches

ISLAMABAD: Pakistan’s first non-life Shariah-compliant takaful operator announced on Thursday that its initial public offering (IPO) was oversubscribed 21 times at the country’s stock exchange, saying the development reflected strong investor confidence in the Islamic insurance system. 

The Pak-Qatar General Takaful Limited said earlier this month it would issue 30 million shares with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75 percent of the shares on offer, while the remaining 25 percent will be allocated to retail investors, it added. 

“Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with a historic oversubscription of [21x] times, marking the first-ever IPO of a dedicated General Takaful company at PSX,” the company said in a statement. 

It said investors responded “strongly” as the strike price closed at Rs 14 per share, compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion [$17 million].

The company said successful bidders will be provisionally allotted 22.5 million shares while the remaining 7.5 million shares will be offered to retail investors on Jan. 28-29. 

Shahid Ali Habib, CEO of Arif Habib Ltd., which was the lead manager for the IPO, said that country’s first-ever IPO of any dedicated general takaful company, has made a historic debut at PSX.

Habib said this reflects investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s strong market position.

The statement further said proceeds from the IPO will be utilized to fund strategic initiatives, such as investments in software and other intangible assets, hardware and infrastructure, marketing and brand development and human resource enhancement. 

Proceeds will also be used to establish new branches and transform existing ones to improve operational efficiency and customer experience, it added. 

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.